New Limit on Cycle to Work Scheme
The cycle to work scheme has always been a fantastic way to purchase a bike. With a salary sacrifice and saving a minimum of 25%, it spreads the cost of your new bike and helps you get the bike you've always wanted for an amazing deal. The scheme used to have a limiting factor of £1000 being the most you can spend on a bike. The amazing news that has been announced recently is that there is no upper limit.
Will the new changes be an opportunity to invest in an electric bike?
- No more upper limit: you can spend over £1000 on your bike to work scheme allowing you to purchase more expensive bikes including E-Bikes!
- The timeline for this coming into play in the middle of July, with employers able to sign up to the new upper limit.
What happens if you have a voucher for £1000 but would like one with no limit?
There are a few considerations here. Whilst the updates to the cycle to work scheme guidance will allow your employer to increase their limit – they may choose not to straight away or at all.
We recommend talking to your employer to find out what their intentions are. If your employer plans to introduce a new, higher limit (and the time frame for this is appropriate for you), you can cancel your certificate and re-request one when your new scheme limit is live.
Cyclescheme will support you and your employer through this process. If your employer is not in a position to implement the new cycle to work scheme and a higher limit, we will continue to deliver your existing scheme and limit.
Why is this great news for you?
- If you are a committed cyclist and want higher quality components that come with a premium price tag. We can supply you with a full range of high-end gear that is all now available on the cycle to work scheme.
- Do you want to purchase an electric bike? Before you would have never been able to get one with the £1000 limit. Now the world of electric bikes will be obtainable on the bike to work scheme.
Have a look below at some of the great E-bike options available at Primera Sports bike shops in Bournemouth and Poole
- Even if you’re not after a high-end bike, this is a great opportunity to consider investing in useful accessories for your bike that might tip it over the £1000 mark. It's surprisingly easy to get up in to over the £1000 once you add on helmets, clothing and all the accessories.
- Freedom to ride means employees can save on the total cost of the package, not just the first £1,000. This means that although the savings haven't increased or changed employees will now be able to save more on bikes or cycle to work packages with a value over £1,000.
For more information about the exciting changes being made to the cycle to work scheme, please do not hesitate to get in contact with us on 01202 775588 or email our team today firstname.lastname@example.org. Or, you can get in touch on our instant Live Chat with any questions you may have.
To get more information on E-Bikes, read our electric bike FAQ’s